Product Description

Product Details

• Amazon Sales Rank: #228719 in Books
• Published on: 2007-06-01
• Number of items: 1
• Binding: Hardcover
• 240 pages

Customer Reviews

A financial book with common sense
To be clear, I am not a friend or relative of the author, nor am I associated with his publishing house or anything. I am giving this a five-star review because it deserves it.

The author is great at disseminating the identities that people take on regarding finance- such as the Scrooge, the Traveler, etc. He makes it abundantly clear why we think and feel the way we do about money. He encourages us to go into our earliest memories regarding money(if they're anything like mine, that's not so pleasent). I was really impressed with this book. I just finished reading "Conscious Finance", and this was far better. It ezplores the belief systems behind our actions, and then tells us how to actually change those beliefs.

Finally, a financial advisor with the courage to tell us that financial magazines are nuts for telling us to switch around our portfolios every time there's a full moon! I always intuitively knew this, but I was grateful to have back-up from an expert.

This is not a get-rich-quick book. Hardly. I'd say it was refreshingly conservative and reaffirming- the author doesn't demand that you never take on student debt, assume that everybody reading his book must already make $100,000+ a year, or tell you that paying your kid's college tuition payment is your no. 1 priority in life. No. He speaks to those that don't make a fortune, don't have a degree in finance, and don't always have their s*** together. Finally! I can read a book on finance and not feel guilty!

That said, he makes great points about saving and consumer debt- nothing really new, but without a bunch of complicated, left-brained, holier-than-thou nonsense. I felt encouraged after reading his book. That is a new one for me. For anyone who reads Money magazine or the like and feels like a failure because they don't have $10,000 to invest in some new stock or mutual fund every month, may I respectfully suggest reading this book. It will be an eye-opener.

Review Deception
I have to agree with Lapis' assertion that most of the reviews appear to be fraudulent. Click on "see my other reviews" and most of them have only one review...for this book. I'm sure most amazon.com users don't post only one review. It's difficult enough to not carried away reviewing books and other consumer goods. It is extremely suspicious and I agree with Lapis that I often make purchasing decisions based on user reviews.

A Keeper
This is one book that I'll keep on my shelf and re-read, and refer to as reference. The author's 35 years of experience really shows in his analysis on financial personality types and risk tolerance. He had me pegged! Based on a short self-test, he predicted the kind of spender and investor I am with accuracy. The book does go into pretty good detail for the beginning investor; it can make your brain hurt. But, that's what's great about it- the amount of information packed into this short book makes it well worth buying and keeping on hand.
The reason I only gave 4 stars: I disagree with him about not paying your mortgage off as quickly as possible. He uses calculations to show that by getting tax breaks for mortgage interest, you'll come out ahead if you invest the extra money instead. There's one thing he, and other authors who advocate this, have never addressed- the Standard Deduction. If you have unusually high deductions such as medical bills that puts your itemized deductions above the standard, then his system make sense. But, if all of your deductions, including the mortgage interest, comes beneath the standard deduction the government gives to everyone, then you would take the standard. So, you wouldn't be getting any additional deduction for the interest than you would without it. This makes it highly impractical to pay three times the value of your mortagage, if you have the extra money to pay it off more quickly.
No, I'm not a financial expert; I'm actually a complete novice when it comes to investing. But I have worked as a tax preparer, and in my own returns, I've always taken the standard deduction, since I didn't have enough itemized to top it. So, for me his recommendation makes no sense at all. You would have to evaluate your own deductions, and if you itemize, your tax savings, to make an informed choice as to whether you'd be better off investing the money, instead of making additional payments on your house. But, I think it's irresponsible for him to make a blanket statement that no one should try to pay off their house early.
That's the only thing I found wrong with the book. Other than that it taught me alot, and is well worth the read.